Answer the following statement(s) true (T) or false (F)
It is not uncommon for a buyer to be faced with a franchise fee of $250,000 to $1,000,000.
ANSWER: False
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Paid actors or models used in an advertisement to resemble everyday people would be considered to be celebrity endorsement since they are professional actors or models
Indicate whether the statement is true or false
It is important that a standard rate rather than actual expenses be used to charge service department costs to producing departments so that:
a. production department managers know the amount of usage at the beginning of the year. b. extra costs resulting from inefficient operations in service departments cannot be passed on to the production departments. c. service department managers don't need to worry about meeting their budgets. d. extra costs resulting from inefficient operations in production departments can not be passed on to the service departments.
The statement of retained earnings discloses the dividends distributed during the period
Indicate whether the statement is true or false
Equipment with an estimated market value of $55,000 is offered for sale at $75,000. The equipment is acquired for $20,000 in cash and a note payable of $40,000 due in 30 days. The amount used in the buyer's accounting records to record this acquisition is
A) $55,000 B) $60,000 C) $20,000 D) $75,000